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IL Asset Division AttorneyYou might think that the Illinois divorce process is over when you receive your divorce decree from the court, a document formally known as a Judgment of Dissolution of Marriage. After all, that document includes an itemized list of all your marital debts and assets, with each item either assigned wholly to one spouse or divided between spouses into percentage shares.

However, your work is not yet over. The divorce decree does not legally transfer the title of major assets like cars and real estate from one person to another, nor does it legally relieve a spouse from liability for marital debts. You must take separate legal steps to ensure that your name is added to or removed from each asset title and debt obligation. This is important to protect your credit rating in the event that your ex fails to stay on top of loan or credit card payments.

Deadlines for Asset Transfers Incident to Divorce

Gifts and asset transfers between married spouses are generally not taxable transactions, even if the asset has risen in value since the time of purchase. However, the same transaction between divorced spouses could be treated as a sale and subject to income tax if there is a gain on the sale.

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Posted on in Divorce

Will County divorce lawyersNearly all financial aspects of divorce are complex, but few are quite as confusing and consequential as the 401K. Unlike other assets, these plans often lead to costly penalties when dividing them, and those that dip into them to fund the actual divorce often find themselves in even more financial trouble. Learn how to effectively divide your retirement plan in divorce, and how the assistance of an attorney can mitigate the risks.

The Complexities of QDROs

Qualified domestic relations orders, or QDROs, are used to divide retirement and pension plans in divorce. They are also exasperating and frustrating for those who do not know how to handle them. This is especially true when the QDRO is handled by a third-party. Additional fees can be added when things do not go smoothly (such as failing to follow a third-party’s outlined instructions) - sometimes two to three times more than what the divorcing parties might have otherwise paid.

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